Ahmedabad-based eCommerce firm Infibeam has filed for an IPO to raise $71 million, becoming the first Indian eCommerce company to list its shares on the domestic market beating biggies like Flipkart and Snapdeal. The raised funds will be used for expanding business, including setting up a cloud data unit and 75 logistics centres.
The company had filed draft papers with the Securities & Exchange Board of India (SEBI) and Draft Red Herring Prospectus which offers shares of Rs 10 each for cash, reports BusinessStandard. Founded in 2007 by Vishal Mehta, Infibeam operates in Ahmedabad, Delhi, Mumbai and Bangalore, and has a total of 1300 employees. It is an online retailer for Books, electronics and automobiles in India.
In 2014, Sony had acquired 26% stake in Infibeam’s digital entertainment arm, Indent.
The Issue is being made through the Book Building Process wherein at least 75% of the Issue shall be Allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”) and the company may allocate up to 60% of the QIB Portion to Anchor Investors.